Yearly Archives: 2017

Tax Practitioners Board – says labour hire firms may be required to register if the client can reasonably expect to rely on their services for tax obligations [77]

The Tax Practitioners Board has released updated information about tax agent services and labour hire firms and service trusts. The Board says where a service trust or labour hire entity provides services to a client and the client can reasonably be expected to rely upon the service to satisfy their liabilities or obligations or claim…

Tax Practitioners Board releases updated CPE requirements [76]

The Tax Practitioners Board (TPB) has released its updated Continuing Professional Education (CPE) policy. This CPE policy incorporates the recent legislative amendments to the Tax Agent Services Act 2009 (TASA) which made CPE a registration renewal requirement for individual tax and BAS agents. The CPE policy includes relevant examples to assist registered tax and BAS…

*Tax Practitioners Board v Hinckfuss – Unregistered tax agent fined $32,000 [75]

In a decision handed down on Tue 12.11.2013, the Federal Court has imposed a monetary penalty totalling $32,000 on a man for providing tax agent services while unregistered and for advertising those services. The Court said the man holds degrees in Commerce and Economics and during the 1990s, was employed in accounting firms and qualified…

*Tax Inspector-General to review ATO’s administration of valuation matters [74]

The Inspector-General of Taxation (IGT), Mr Ali Noroozi, on Tue 19.11.2013, announced terms of reference for his review into the ATO’s administration of valuation matters and called for stakeholder submissions. Australia’s tax and superannuation laws are increasingly relying on concepts such as market value, Mr Noroozi said. While there may be sound economic reasons for using such…

*Charities: Extension granted for 2013 Annual Information Statement from 31.12.13 to 31.3.14 [73]

The ACNC has advised that charities with a 30 June year-end have been granted an extension until 31 March 2014 to submit their Annual Information Statement (AIS). This is to give charities more time to prepare for this new requirement. Originally, the AIS would have been due by 31 December 2013. Charities that use a different reporting period (eg the calendar…

*Further time to lodge 2013 MRRT return in light of mining tax repeal for certain entities: Instrument made [72]

The ATO has made an instrument (registered on Fri 15.11.2013) to allow entities that are covered by it further time to lodge their 2013 MRRT return in light of the announcement to repeal the MRRT law with effect from 1 July 2014. Specifically, the instrument gives entities that are required to lodge an MRRT return for the…

Mining tax repeal Bill introduced – loss carry-back, low income super contribution abolished; SGC deferred; instant write-off reduced to $1k [71]

The Treasurer on Wed 13.11.2013, introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013. It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource…

ASIC paper SMSF advice is “too narrowly focused” says ICAA [68]

The Institute of Chartered Accountants in Australia has warned that ASIC’s proposed disclosure requirements for SMSF advice may be “too narrowly focused in the wrong area”. In releasing its submissions on ASIC’s Consultation Paper CP 216, the Institute believes that the greater risk of awareness for potential SMSF trustees lies not with the provision of advice from…

Government prefers a regulatory “light touch” re SMSFs [69]

The Assistant Treasurer says the Government is philosophically in favour of self-managed super funds, with people taking responsibility for their own savings. He said the regime that is attached to that has tended to be a “bit more light touch than the regime you get around APRA regulated funds and the like”. On the other…

Carbon tax repeal Bills introduced [70]

The Prime Minister and the Minister for the Environment on Wed 13.11.2013 introduced a package of 11 Bills in the House of Reps to repeal the carbon tax from 1 July 2014 and make related tax and other amendments. The Bills are: Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 – proposes to repeal the legislation that…